LondonMetric Property

What LondonMetric Property does

LondonMetric Property Plc is a FTSE 100 Real Estate Investment Trust (REIT) and the UK's leading Triple Net Lease (NNN) REIT, listed on the London Stock Exchange under the ticker LMP. The company owns, acquires, and asset-manages a portfolio of structurally supported real estate across four core verticals: logistics (54% of portfolio), convenience retail, entertainment and leisure, and healthcare. As of FY2026, the portfolio is valued at approximately GBP 8 billion, with rental income reaching a record GBP 455 million (17% YoY growth) and EPRA earnings of GBP 305+ million (14% YoY growth).

The business operates a NNN lease model where tenants are responsible for property taxes, insurance, and maintenance, producing predictable and growing rental cash flows with minimal operating overhead. The company has a lean headcount of 11-50 employees managing the portfolio from offices in London (headquarters at One Curzon Street) and Birmingham. Its underlying platform combines direct property acquisitions, asset management, and a covered, progressive dividend policy (12.45p per share for FY2026, the 11th consecutive year of increases).

Revenue is generated primarily through recurring rental income from NNN leases with tenants such as M&S, AM Fresh, grocers, value retailers, theme park operators, and private hospital operators. Growth has been driven by a serial acquisition strategy, including LXI REIT (USD 2.4 billion in 2024), Urban Logistics REIT (approximately USD 925 million in 2025), Highcroft Investments (GBP 43.8 million in 2025), and a pending consortium bid for Picton Property Income (GBP 396 million in 2026). The company is publicly traded with a market capitalization of approximately GBP 4.47 billion and 227% total shareholder return since 2013.

Name

LondonMetric Property

Legal name

LondonMetric Property Plc

Website

https://londonmetric.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

LondonMetric Property Plc is a FTSE 100 UK REIT and the country's leading Triple Net Lease real estate investor, owning an GBP 8 billion portfolio across logistics, convenience, entertainment and leisure, and healthcare, generating record rental income of GBP 455 million in FY2026.

Ownership category

akta.pro rank

Product category

UK Commercial Real Estate / Triple Net Lease REIT

NAICS

Real Estate and Rental and Leasing (53), Nonresidential Property Managers (531312), Rental and Leasing Services (532)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Triple Net Lease REIT
• Commercial Real Estate
• UK Property Investment
• Logistics Real Estate
• Real Estate Investment Trust

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Rental Income: Primary revenue stream from leasing logistics, convenience, entertainment & leisure, and healthcare properties to tenants under NNN lease agreements. Record full-year rental income of GBP 455 million for 2026.
2. Property Acquisitions: Revenue growth through strategic acquisitions of complementary REITs and property portfolios, including Urban Logistics REIT and Highcroft Properties acquisitions totaling GBP 1.2 billion.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

LondonMetric Property Plc is the UK's leading Triple Net Lease (NNN) REIT, owning and actively managing an £8 billion portfolio of UK commercial real estate across four structurally supported sectors: logistics (54% of portfolio), convenience retail, entertainment & leisure, and healthcare. The company generates reliable recurring rental income by leasing high-quality, long-duration assets to enterprise tenants under NNN lease structures where tenants bear property taxes, insurance, and maintenance. The platform is scaled through UK-focused acquisitions and delivers progressive dividends to shareholders.

Product overview

LondonMetric Property is a FTSE 100 Real Estate Investment Trust (REIT) and the UK's leading Triple Net Lease REIT. The company operates as a single unified real estate investment platform, managing an £8 billion portfolio of structurally supported properties across four core sectors: logistics, convenience, entertainment & leisure, and healthcare. The company delivers reliable, repetitive, and growing income through a covered and progressive dividend policy. LondonMetric has pursued significant growth through strategic acquisitions including Urban Logistics REIT, Highcroft Investments, and proposed acquisition of Picton Property Income, positioning itself as a high-conviction, low-cost NNN real estate investor focused on logistics and other structural growth sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Triple Net Lease REIT Portfolio The company's core offering is the active ownership and management of an £8 billion UK Triple Net Lease (NNN) real estate portfolio that delivers reliable, repetitive and growing income to shareholders. Under NNN structures, tenants assume property taxes, insurance, and maintenance obligations, producing predictable cash flow across logistics, convenience, entertainment & leisure, and healthcare assets.
• Logistics Properties The company's largest sector weighting, comprising large-scale logistics warehouses, last-mile distribution facilities, and multi-let industrial estates leased to enterprise logistics and retail tenants (including M&S and AM Fresh). The segment benefits from e-commerce-driven rental growth and includes on-site renewable energy installations such as 1.9MWp solar arrays.
• Convenience Retail Properties UK convenience retail real estate assets let to grocers, value retailers, and roadside operators providing essential everyday services. The portfolio delivers resilient rental income backed by non-discretionary consumer spending.
• Entertainment & Leisure Properties UK theme park and hotel assets benefiting from structural tailwinds including the trend toward experiences and staycations, providing long-duration leases to leisure operators.
• Healthcare Properties UK private hospitals and healthcare facilities leased to private hospital operators, underpinned by strong demand drivers from an ageing and growing population and offering long-term lease structures.

Quantifiable outcome

• 246% EPRA earnings per share growth since 2013
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Schroder Real Estate Investment Trust LimitedcoreStrategic or Co-development Partner · 24 March 2026A venture between LondonMetric Property Plc and Schroder Real Estate Investment Trust proposed to acquire Picton Property Income Ltd for approximately GBP 396 million. LondonMetric takes the logistics assets (approximately 67% of portfolio) while SREIT potentially acquires retail and offices holdings.
• Highcroft InvestmentscoreStrategic or Co-development Partner · 28 March 2025LondonMetric announced a recommended all-share acquisition of Highcroft Investments through a scheme of arrangement. The deal values Highcroft at approximately GBP 43.8 million, representing a 40.4% premium. This acquisition enhances LondonMetric's portfolio and financial position.
• LXI REITcoreStrategic or Co-development Partner · 11 January 2024LondonMetric is acquiring LXI REIT in a $2.4 billion deal where LXI shareholders receive new LondonMetric shares, representing a 9% premium. The merger aims to create a major REIT with focus on high barrier sectors and greater scale.
• Urban Logistics REITcoreStrategic or Co-development PartnerAcquisition of Urban Logistics REIT as part of GBP 1.3 billion of acquisitions that expanded logistics assets to 54% of total portfolio and grew portfolio to GBP 7.4 billion.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SEGRO: SEGRO is a UK-listed REIT and one of the largest owners, managers and developers of industrial and logistics real estate across the UK and continental Europe. Directly comparable to LondonMetric as a major logistics-focused REIT competing for the same warehouse tenants (e.g., M&S, major retailers) and the same UK big-box logistics assets.
• Tritax Big Box REIT: Tritax Big Box REIT is a UK-listed specialist logistics REIT focused on large-scale distribution warehouses. Highly comparable to LondonMetric's logistics segment (54% of portfolio), targeting similar e-commerce and supply-chain occupiers, and competing head-to-head for pre-let development deals.
• Schroder Real Estate Investment Trust: SREIT is a UK-listed diversified REIT that LondonMetric has a 9.5% strategic stake in and is partnering with on the Picton Property Income consortium bid. Direct peer for UK commercial real estate assets and a frequent consortium partner.
• Picton Property Income: Picton Property Income is a UK diversified REIT subject to a GBP 396M consortium acquisition by LondonMetric and SREIT. Directly comparable as a UK commercial real estate investment peer, with logistics assets representing the largest slice to be absorbed by LondonMetric.
• Regional REIT: Regional REIT is a UK-listed REIT focused on office and industrial properties outside the M25. Comparable as a smaller UK commercial real estate competitor that could be a future consolidation target for LondonMetric given its scale-accretive M&A pattern.

Broad incumbents

• British Land: British Land is a UK FTSE-listed REIT with a diversified portfolio across logistics, retail parks, and office campuses. Comparable as a UK-listed real estate peer but operates as a broader incumbent across multiple sectors rather than a focused NNN specialist.
• Land Securities Group: Land Securities is a UK FTSE 100 REIT with a diversified portfolio across retail, leisure, and office sectors. Comparable as a large-cap UK REIT competitor for institutional capital but operates a broader, more office-weighted strategy rather than LondonMetric's logistics/convenience/healthcare focus.

Regional players

• Target Healthcare REIT: Target Healthcare REIT is a UK-listed REIT focused on purpose-built care homes and healthcare properties. Comparable as a UK specialist healthcare real estate peer overlapping with LondonMetric's healthcare segment, though focused on care homes rather than private hospitals.
• Assura plc: Assura is a UK REIT focused on primary healthcare buildings (GP surgeries, NHS properties). Comparable as a UK healthcare-focused real estate peer serving related tenant types and demographic demand drivers, though concentrated in primary rather than private healthcare.

Emerging players

• Empiric Student Property: Empiric Student Property is a UK REIT focused on purpose-built student accommodation. Listed as a UK public REIT comparable in capital-markets profile but a specialist asset class not directly competing with LondonMetric's logistics/convenience/healthcare focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/londonmetric-property-plc-lmp-

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LondonMetric Property